大行評級|花旗:下調中海物業目標價至7港元 下調今明兩年盈測
花旗發表報吿指出,中海物業在披露去年業績後股價累跌24.5%,可能是由於去年下半年盈利放緩,按年增長6.6%(部分是因為基數較高),以及增值服務(VAS)表現疲弱。管理層着眼行業前三名競爭力,並可能根據股東需求而審查30%的派息政策,另致力於實現雙位數的盈利增長。該行認為,中海物業管理層目標在行業/宏觀背景下是明智且穩健,該行仍然看到公司的第三方擴張、成本/效率支持的淨利潤率(穩定於約10%),與健康的現金流(50億元人民幣淨現金,按年增長25%)。該行維持對其“買入”評級。由於去年業績較預期低5%,加上管理層更保守目標,下調今明兩年盈測15-19%,目標價由8.8港元降至7港元。
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